Cushman & Wakefield has been exclusively retained to arrange the sale of 1705 Lexington Avenue. The subject property is a 20’ wide, ~6,000 SF mixed use building located on the corner of East 107th street and Lexington Avenue.
1705 Lexington Avenue is an 8-unit, mixed-use walk-up building in East Harlem with 6 Free Market residential units, one commercial space, & one management office. This property was gut rehabbed in 2009 and boasts condo like finishes with washer dryers in each unit. The residential component is comprised of 1 one-bedroom apartment and 5 two-bedroom apartments. The commercial tenant recently signed a 10-year lease with 5% increases each year until 2030. The management office is currently vacant and allows for future ownership to lease it and collect income.
The subject property sits on the corner of East 107th Street and Lexington Avenue which is situated in the East Harlem neighborhood of Manhattan. The property is a short walk from the Lexington Avenue 4 & 6 train which can be accessed at East 103rd Street & East 110th Street. This area is home to Harlem’s vibrant cultural hubs, local schools, and several parks and gardens.
Listing Courtesy of Jordan Sutton, Robert Shapiro
Real Estate Taxes
R7D, C1-5, EHC
20’ x 82.75’ (80' deep)
20' Wide, ~6,000 SF Mixed-Use corner property
100% FM, Gut Renovated in 2008
Washer / Dryer in each unit
Upside in the FM Rents
Strong Retail Rent
Separate Heat and hot water boilers for each unit
No Deferred maintenance
Tax Class protected
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